Section 372 — Corporation Tax Act 2010: Lessor also lessee under non-long funding lease

Lessor also lessee under non-long funding lease 372 1 This section applies if—

a a company is the lessee of any plant or machinery under a lease (“lease A”),

b lease A is not a long funding lease, c the company enters into a lease (“lease B”) of any of that plant or machinery (as lessor),

and d lease B is a long funding lease.

2 Sections 360 to 369 do not apply in relation to lease B.

3 This section must be treated as never having applied in relation to lease B if lease A—

a becomes a long funding lease as a result of section 70H of CAA 2001 (tax return by lessee treating lease as long funding lease),

and b has not ceased to be such a lease.